Philippines: Cash remittances strengthen in September
November 15, 2018
Cash remittances from Overseas Filipino Workers (OFW) increased USD 2.2 billion in September, rising 2.3% over the same month last year (August: -0.9% year-on-year). September’s stronger result was due to higher remittances from Canada, the United States and Taiwan.
Cash remittances in the 12 months up to September totaled USD 28.6 billion, inching up from August’s 12-month total of USD 28.5 billion.
Remittances, which accounted for approximately 10.0% of GDP in 2017, are an important source of income for many Filipino families and thus constitute one of the main drivers of private consumption.
Author: Lindsey Ice, Economist